Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

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For more information, please contact:

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Montreal, Québec (May 15, 2012):  BTB Real Estate Investment Trust (TSXV: BTB.UN) (“BTB“) is pleased to announce that it has received conditional approval to list its securities on the Toronto Stock Exchange (TSX) at which point such securities will no longer be listed on the TSX Venture Exchange.  The approval is conditional upon BTB fulfilling the conditions of the approval.  BTB expects that it will receive final listing approval shortly.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

First quarter 2012 Highlights

• Increase of:

• 13% in rental income from $9.7 million to $11.0 million

• 13% in net operating income (NOI) from $5.1 million to 5.7 million

• 79% in distributable income from $0.7 million to $1.2 million

• 300% in funds from operations (FFO) from $297,000 to $867,000

• 218% in adjusted funds from operations (AFFO) from $412,000 to $899,000

• Improvement:

• of 2.4% in debt ratio

• of 36 basis points in the average mortgage loan rate

• of occupancy rate from 90.1% to 91.0%

• Decrease of:

• 9% in interest expense on mortgage loans in same-property portfolio

• On February 16, 2012, closing of a distribution of 18,750,750 units for gross proceeds of $17.3 million.
• On March 28, 2012, 2.5 million warrants were exercised for a capital contribution of $1.9 million.
• Bringing into operation and official inauguration of Phase 2 of Complexe Lebourgneuf on March 28, 2012.

SUBSEQUENT EVENTS

• On April 19, 2012, three  industrial properties were acquired in the Greater Montreal area at a total  cost of $14.7 million, providing over 166,000 square feet of leasable area.
• On May 1, 2012, a $10.5  million mortgage financing agreement was entered into at a rate of 4.2% for a  five-year term on property acquired on April 19, 2012.
• On May 8, 2012, an office building was acquired in the Greater Ottawa area at a cost of $14.1 million, which has approximately 54,000 square feet of leasable area. A mortgage financing agreement of $9.5 million was entered into at a  rate of 4.2% for a five-year term upon acquisition of this property.

“BTB’s acquisitions bear fruit and contribute remarkably well to BTB’s important growth in its operating ratios.  The 79% increase in distributable income is noteworthy thus ensuring an increase in BTB’s profitability” stated Michel Léonard, President and Chief Executive Officer of BTB.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information:

Mr. Michel Léonard
President and Chief Executive Officer 514-286-0188, ext. 228

Mr. Benoit Cyr
Vice-President and Chief Executive Officer 514-286-0188, ext. 228

Management will hold a conference call on Tuesday, May 15, 2012 at 10:00 a.m. (ET) to discuss BTB’s financial results and performance for the three-month period ended on March 31, 2012.

DATE :                  Tuesday, May 15, 2012

TIME :                   10:00 a.m. (Eastern Standard Time)

DIAL :                    1-647-427-7450 (from Toronto and overseas) access code 81103167#  1‑888‑231-8191 (from North America) toll free, access code 81103167#.  To ensure your participation, please dial in fifteen minutes prior to the start of the conference call.

REPLAY :              From 1:00 p.m. Tuesday May 15, 2012, until 11:59 p.m. May 22, 2012, dial 1‑416-849-0833 conference ID number 81103167#, or dial toll free 1‑855‑859-2056 conference ID number 81103167#.

The media and all interested parties may attend the call in listening mode only.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 - 30 -

For further information, please contact:

80 Aberdeen, Ottawa, Ontario

Strategically situated in the Ottawa West district within close proximity to highway 417 and Preston Street, this office building has a total leasable area of 53,393 square feet and 39,201 square feet of land. This property is primarily leased to the City of Ottawa.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture  Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors,
competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

4535 Louis B. Mayer Street, Laval, Québec

This industrial property is well situated with easy access onto highways 13, 15 and 440, within ten minutes of Montreal’s International Airport.  This 41,000 square foot property is fully-leased to Société Strongco GP Inc. (TSX: SQP), a company specializing in selling, renting and repairing heavy equipment and machinery.

7777 Trans-Canada Highway, Saint-Laurent, Québec

This industrial property has a total leasable area of 73,000 square feet.  It is well situated in one of the Island of Montreal’s well-established industrial parks and benefits from an excellent exposure on the Trans-Canada Highway. This property is leased on a long-term basis to Plastifab, a subsidiary of PFP Corporation (TSX: PFP) that specializes in the manufacturing of molded polystyrene products.

208-244 Migneron Street, Saint-Laurent, Québec

Situated in Montreal’s Premier Industrial Park, this industrial building is just a few minutes from the Trans-Canada Highway and Côte-de-Liesse road. The property’s total leasable area is 52,100 square feet.  It is a multi-tenant building and leased to four tenants, the two larger tenants include ClickTouch Amerique Inc., a company that designs and manufactures membrane keypads and CPT Canada Power Technology, Canada’s largest distributor of air-cooled engines and supplies.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

Mr. Michel Léonard
President and Chief Executive Officer
514-286-0188, ext. 228

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust
Mr. Michel Léonard
President and Chief Executive Officer
514-286-0188 ext. 228

FISCAL 2011 HIGHLIGHTS

• Occupancy rate up from 90.0% to 91.1%.
• Mortgage debt ratio down from 69.5% to 59.3%.
• Fourth straight financial year of lower weighted average interest rate on mortgage loans – down 35 basis points to 5.27% in 2011.
• 36.9% increase of unitholders’ equity in 2011.
• 19.8% increase in rental revenue.
• 14.2% increase in net operating income.
• 22.6% increase in total assets, from $293 million to $359 million.
• 14.1% increase in leasable area, from 2,857,400 square feet to 3,271,583 square feet.

FOURTH QUARTER HIGHLIGHTS

• On October 3, 2011, BTB repaid in full the Series A 8% debentures in the amount of $12.9 million with the proceeds of Series D 7.25% debentures issued on July 13, 2011.
• On October 28, 2011, BTB acquired two industrial properties of 60,000 and 154,000 square feet respectively, at a cost of $12.2 million, fully-leased to a major Canadian doors and windows manufacturer.  The capitalization rate of this transaction is 9.0%.
• On December 1, 2011, BTB acquired a fully-leased 75,000-square-foot industrial property located in Town of Mount-Royal, for an amount of $7.55 million. The capitalization rate of this transaction is 7.9%.
• On December 1, 2011, BTB entered into a $12.8 million 3.50% mortgage financing maturing in December 2016. The loan is secured by an hypothec on the last three recently acquired industrial properties on October 28 and December 1, 2011.
• On December 23, 2011, BTB acquired a fully- leased 80,000-square-foot industrial property located in Dorval, for a purchase price of $5.5 million, including a $2.6 million mortgage assumption and $2.9 million in cash.  The capitalization rate of this transaction is 8.0%.

SUBSEQUENT EVENTS

• On February 16, 2012, BTB closed a bought deal of 18,750,750 units pursuant to a short form prospectus dated February 8, 2012.  The proceeds of this issue, in the gross amount of $17.3 million, will be allocated to future acquisition of accretive properties.
• On March 20, 2012, BTB sold a 30,750-square-foot commercial property for $1.3 million. This property no longer met the Trust’s development strategies.
• On March 28, 2012, Firm Capital Mortgage Fund exercised all of its 2,500,000 warrants at a price of $0.7644 per unit, providing a capital contribution of $1.9 million.

“2011 was a year marked with growth for BTB.  We raised significant funds in the financial markets, our total assets have grown to $359 million, we reimbursed in full our acquisition facility, improved our working capital, put in place a Distribution Reinvestment Plan (DRIP), launched a new website, and acquired more than 414 000 square feet of leasable area.” stated Michel Léonard, President and Chief Executive Officer of BTB.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information:

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

Management will hold a conference call on Tuesday, April 3, 2012 at 9:15 a.m. (ET) to discuss BTB’s financial results and performance for the three-month period and fiscal year ended on December 31, 2011.

DATE :                  Tuesday, April 3, 2012

TIME :                   9:15 a.m. (Eastern Standard Time)

DIAL :                    1-416-644-3426 (from Toronto and overseas) access code 4520373# 1‑800‑731‑5319 (from North America) toll free, access code 4520373#.  To ensure your participation, please dial in fifteen minutes prior to the start of the conference call.

REPLAY :              From 1:00 p.m. Tuesday April 3, 2012, until 11:59 p.m. April 10, 2012,
dial 1‑416-640-1917 conference ID number 4520373#, or dial toll free 1‑877‑289‑8525
conference ID number 4520373#.

The media and all interested parties may attend the call in listening mode only.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture
Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These
statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and
persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust
Mr. Michel Léonard
President and Chief Executive Officer
514-286-0188 ext. 228

Montreal, Québec (February 21, 2012): The trustees of BTB Real Estate Investment Trust (TSXV: BTB.UN) (“BTB”) are proud to announce that BTB has been elected to the 2012 TSX Venture 50, as disclosed by the TSX Venture Exchange on February 15, 2012.

The 2012 TSX Venture 50 is a ranking of strong performers on the TSX Venture Exchange. It is comprised of ten companies from each of the following five sectors: Mining, Oil & Gas, Diversified Industries, Clean Technology and Technology & Life Sciences. BTB was ranked second in the Diversified Industries category.

The companies were ranked based on the following criteria, with equal weighting assigned to each: market capitalization growth, share price appreciation, trading volume and analyst coverage.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

Montreal, Québec (February 16, 2012): BTB Real Estate Investment Trust (TSXV: BTB.UN) (“BTB”) is pleased to announce today that is has closed its previously announced public offering of 18,750,750 units (the “Units“), including the underwriters’ over-allotment option in respect of the Units which was fully exercised, for aggregate gross proceeds of approximately $17.2 million.  The Units were sold to a syndicate of underwriters led by National Bank Financial Inc. and including Canaccord, Genuity Corp., Dundee Securities Ltd., GMP Securities L.P., Desjardins Securities Inc., HSBC Securities (Canada) Inc. and Raymond James Ltd. at a price of $0.92 per Unit for total net proceeds to BTB of approximately $16.2 million, after deducting the underwriters’ fee and the estimated expenses of the offering.

The net proceeds will be used to fund future acquisitions and for general trust purposes.  The Units have been offered in all provinces of Canada by way of a short-form prospectus.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These
statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors,
competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 - 30 -

For further information, please contact:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Montreal, Québec (January 26, 2012): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB” or the “REIT”) announces today that it has reached an agreement with a syndicate of underwriters led by National Bank Financial Inc. and including Canaccord Genuity Corp., Dundee Securities Ltd., GMP Securities L.P., HSBC Securities (Canada) Inc., Desjardins Securities Inc. and Raymond James Ltd. to issue to the public, subject to regulatory approval, on a bought deal basis 16,305,000 trust units (the “Units”) at a price of $0.92 per Unit representing gross proceeds of approximately $15 million. The REIT has granted the underwriters an over-allotment option exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional 2,445,750
Units at the same offering price.

The net proceeds from this offering (after deducting the Underwriters’ fee and estimated offering expenses) will be used for future property acquisitions and for general trust purposes.

The REIT will, by February 1, 2012, file with the securities commissions and other similar regulatory authorities in each of the provinces of Canada a preliminary short form prospectus relating to the issuance of the Units. Closing of the offering is expected to take place on or about February 16, 2012.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada.  Forwardlooking statements in this news release include namely that the offering is expected to close on or about February 16, 2012. The cautionary statements qualify all forwardlooking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 – 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

1325 Hymus Boulevard, Dorval, Québec

This industrial property has a total leasable area of 80,000 square feet.  It is well situated on a highly trafficked area at the interchange of highway 40 and Des Sources Boulevard, one of the Island of Montreal’s larger industrial parks, and a few minutes from Montreal’s International Airport.  The building is fully-leased to Metro Logistics Inc. (3E Logistics) one of the most important supplier of third party logistics in Canada.  This building will contribute to BTB’s FFO on an annualized basis of approximately 0.4¢ per unit.

As part of this transaction, BTB assumed a mortgage of $2.6 M for a remaining term of 29 months.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $370 M, its real estate portfolio constitutes 54 properties totaling more than 3.2 million square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These
statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors,
competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

This mortgage financing pertains to three recently acquired properties,
namely:

- 2175 Des Entreprises Boulevard, Terrebonne, Québec

- 2205-2225 Des Entreprises Boulevard, Terrebonne, Québec

- 5600 Côte-de-Liesse, Town of Mount-Royal, Québec

This mortgage financing bears interest at the rate of 3.5% for a term of five years.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $365 M, its real estate portfolio constitutes 53 properties totaling more than 3.2 million square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These
statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors,
competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

5600 Côte-de-Liesse, Town of Mount-Royal, Québec

This property is strategically located right in the center of the industrial sector of the Town of Mount-Royal (on the Island of Montreal) with easy access to two major highways (40 and 15), near the Montreal International Airport, and within close proximity to important laboratories and well-known universities.  The building has a total leasable area of 75,000 square feet and is fully-leased to Lise Watier Cosmétiques inc.  This building will contribute to BTB’s FFO on an annualized basis of approximately 0.6¢ per unit.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $365 M, its real estate portfolio constitutes 53 properties totaling more than 3.2 million square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These
statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors,
competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.

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For further information, please contact:

Montreal, Quebec, (November 16, 2011) – The trustees of BTB Real Estate Investment Trust (TSXV: BTB.UN) (“BTB” or the “Trust”) release today its financial results for the third quarter ended September 30, 2011 and the following highlights:

• $23 million public offering of Series D 7.25% convertible debentures maturing on July 31, 2018, providing a net capital contribution of $21.5 million which was used to repay all Series A 8% Debentures maturing on October 3, 2011.
• Acquisition of a 50% interest in a 17,100-square-foot property, for $2.2 million.  The property is fully leased under a residual 7-year lease with the Pharmaprix/Shoppers chain.
• 12^th consecutive quarter in which the weighted average rate on mortgage loans payable remained stable or declined, with a decrease from 6.15% in the third quarter of 2007 to 5.42% in the third quarter of 2011.
• Refinancing of Complexe Lebourgneuf Phase 1 in Québec City, for $28 million, at a rate of 3.6% for five years, providing a net capital contribution of $3.5 million.
• Rental income increase from $9.2 million in the third quarter of 2010 to $10.5 million in the third quarter of 2011 and net operating income (NOI) increased from $5.4 million to $5.9 million.
• Decrease of the mortgage debt ratio from 69.5% as at December 31, 2010 to 56.8% as at September 30, 2011.
• Shareholders’ equity increase from $33.7 million as at December 31, 2010 to $74 million as at September 30, 2011.

Subsequent events

• Repayment in full of the Series A 8% debentures in the amount of $12.9 million, with the proceeds of Series D 7.25% debentures.
• Acquisition of two industrial properties of 60,000 and 154,000 square feet respectively, at a cost of $12.2 million, fully leased to a major Canadian doors and windows manufacturer. These properties will generate annual NOI of approximately $1.1 million. The Trust expects the properties to yield annualized FFO of almost $800,000, or more than 1¢ per unit.

Management will also hold a conference call to present BTB’s financial results and performance for the three-month period ended September 30, 2011.

DATE :                   Wednesday, November 16, 2011

TIME :                    9:15 a.m. (Eastern Standard Time)

DIAL :                     1-416-644-3425 (from Toronto and overseas) access code 4486992# 1‑800‑732‑1073 (from North America) toll free, access code 4486992#. To ensure your participation, please dial in fifteen minutes prior to the start of the conference call.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $360M, its real estate portfolio constitutes 52 properties totaling more than 3.1M square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Mr. Michel Léonard or Mr. Benoît
Cyr at:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

2175 and 2205 to 2225 Des Entreprises Boulevard, Terrebonne, Québec

These two industrial properties of respectively 60,000 and 154,000 square feet of easable area are fully‑leased for 10 year terms. They are strategically located on one
of Montreal´s major highways 25 kilometers from the Port of Montréal and 40 kilometers from the Pierre-Elliott Trudeau international airport.  These properties generate stable revenues and their tenant is the most important manufacturer of windows and door in the whole of Quebec.

5781 Laurier Boulevard, Terrebonne, Québec

BTB acquired a 50% participation in this commercial property that has a total leasable area of 17,114 square feet.  This fully‑leased property harbours a Shoppers/Pharmaprix pharmacy.

As part of this transaction, BTB assumed a first ranking mortgage loan in the amount of $1.2 M for a remaining term of 7 years, bearing interest at an annual rate of 5.68%,  with HSBC.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $360M, its real estate portfolio constitutes 52 properties totaling more than 3.1M square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These
statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors,
competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

As at the close of business on October 14, 2011, 73,989,725 units of BTB were issued and
outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

MONTREAL, Oct. 4, 2011 – BTB Real Estate Investment Trust (TSXV: BTB.UN) (“BTB“) announces that it has put in place a Distribution Reinvestment Plan (the “Plan”) to enable Canadian resident unitholders (“Unitholders”) to acquire additional units of BTB (“Units”) through the reinvestment of regular monthly distributions on all or any part of their Units.

“This is a great opportunity for Unitholders to purchase Units of BTB at a time when our units are trading well below our net book value,” said Mr. Michel Léonard, President and Chief Executive Officer of BTB.

The Plan

To enroll in the Plan, beneficial Unitholders must contact their broker who is a CDS participant and who holds the Unitholder’s uncertificated Units. Registered Unitholders must contact Computershare Trust Company of Canada National Customer Contact Centre at 1-800-564-6253. Once enrolled, participation in the Plan will continue automatically unless terminated.

Unitholders wishing to acquire Units under the Plan in connection with the October 2011 distribution must enroll by October 24, 2011.

Plan Units will be issued directly from the treasury of BTB at a price based on the volume-weighted average of the trading prices for the five (5) trading days immediately preceding the relevant distribution date, discounted by 5%.

BTB reserves the right to amend, suspend or terminate the Plan at any time, but such action shall have no retroactive effect that would prejudice the interest of the Plan participants. All administrative costs associated with the operation of the Plan will be paid by BTB.

BTB has reserved for issuance with the TSX Venture Exchange 500,000 additional Units to accommodate the purchase of Units under the Plan.

For more information about the Plan and its terms and conditions see www.btbreit.com under “Investor Relations – DRIP”.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $325M, its real estate portfolio constitutes 50 properties totaling more than 2.9M square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

please contact Mr. Michel Léonard or Mr. Benoît Cyr.

Montreal, Québec (October 3, 2011): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB“) announces that it proceeded today with the reimbursement of all of the “Series A 8% Convertible Subordinated Debentures” in the total amount of $12,883,000 pursuant to the terms of the said Debentures.  The reimbursement is funded from the proceeds of the public offering issued July 13^th last, for the Series D at an interest rate of 7.25% Convertible Debentures.  The balance of the Series D Debentures’ proceeds will be used to fund future property acquisitions currently in negotiations.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $325M, its real estate portfolio constitutes 50 properties totaling more than 2.9M square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

As at the close of business on September 14, 2011, 73,989,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Today BTB unveiled its new website, redesigned with its users in mind. The site may be used to review BTB’s availabilities as well as BTB’s up-to-date financial information.

We invite you to go to btbreit.com to view:

INVESTORS RELATIONS

At your fingertips, you will find financial information regarding our performance, such as Annual Reports and Quarterly Reports, MD&As and prospectus’, our property list and our top 10 tenants. 

BTB’S PORTFOLIO

 You may view all of BTB’s properties as well as our recent acquisitions.

 LOOKING FOR SPACE

 You may view the space available from BTB’s portfolio. Real estate brokers and tenants that are looking for space will benefit from the ease of use in order to rapidly find the space they are looking for.  Users may access our site directly from their cell phones to find “on the go” information from our mobile website m.btbreit.com. 

OVERVIEW of BTB

You will better be able to understand BTB’s philosophy, mission, objectives, and have more knowledge on the management team and the board of Trustees.

“BTB’s new website is a positive response to a much needed information tool on BTB’s activities.  Our new website will be our hub of information where our clients, investors and collaborators alike will be able to view any and all of BTB’s activities ensuring greater transparency to all.  The site reflects BTB’s inherent personality which was crafted amidst the pillars of the real estate community. It harbors our colors and we are launching our new website with great pride.  BTB’s website was a combined effort of both BTB’s dedicated personnel and Colt Interactive, a solution oriented internet company located in Montreal.” declared Mr. Michel Léonard, President and Chief Executive Officer.

About BTB Real Estate Investment Trust

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its total assets are more than $325M, its real estate portfolio constitutes 50 properties totaling more than 2.9M square feet.  Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 –

For further information, please contact Mr. Michel Léonard or Mr. Benoît Cyr.

• 21% increase in revenues and 20% increase in net operating income (NOI) in the second quarter of 2011 compared to the second quarter of 2010.
• Increase in net income of 38%.
• Increase in portfolio revenues of 1.2% in the second quarter of 2011, comparable to the second quarter of 2010, and 2.6% for the cumulative period.
• Decrease in the debt ratio of 69.5% as at December 31, 2010 to 59.3% as at June 30, 2011.
• 0.5% increase in the occupancy rate during the quarter.
• $2.8 million increase in the fair market value of the property portfolio during the quarter.
• On April 4, 2011, acquisition of the remaining unowned portion of the “Complexe Lebourgneuf Phase I” property in Québec City for a net cost of $7.0 million after assumption of the mortgage.
• On April 6, 2011, the start-up in a partnership of the construction of Phase II of the Complexe Lebourgneuf in Québec City. Phase II is already almost 40% leased and should welcome its first tenants in the fall of 2011.
• On April 14, 2011, exercise of the over-allotment option following the unit issue on March 29, 2011, for 2,848,000 units at $0.90 per unit, providing a net capital contribution of approximately $2.3 million.

SUBSEQUENT EVENTS

• On July 13, 2011, the Trust completed a public offering of $23 million in Series D 7.25% convertible debentures maturing on July 31, 2018, providing a net capital contribution of $21.5 million which the primary use will be the repayment of all Series A Debentures maturing on October 3, 2011.

“BTB’s acquisition of CAGIM’s portfolio in 2010 is starting to bear fruit.  The increase in BTB’s occupancy rate attributed to these buildings is producing an increase in net operating income.  All of the efforts we have invested towards the rental of available spaces will hit our bottom line.” stated Michel Léonard, President and Chief Executive Officer of BTB.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Mr. Michel Léonard or Mr. Benoît Cyr.

As at the close of business on August 12, 2011, 73,989,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Management will also hold a conference call to discuss BTB’s financial results and performance for the three months period results.

DATE :                  Tuesday August 16, 2011

TIME :                    11:00 a.m. (Eastern Standard Time)

DIAL :                    1-416-644-3426 (from Toronto and overseas) access code 4464497#

1-800-731-5319 (from North America) toll free, access code 4464497#.  To ensure your participation, please dial in fifteen minutes prior to the start of the conference call.

REPLAY :              From 1:00 p.m. Tuesday August 16, 2011, until 11:59 p.m. August 23, 2011, dial 1-416-640-1917 conference ID number 4464497#, or dial toll free 1‑877‑289‑8525 conference ID number 4464497#.

The media and all interested parties may attend the call in listening mode only.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Mr. Michel Léonard or Mr. Benoît Cyr at:

As at the close of business on July 14, 2011, 73,989,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Montreal, Québec (July 13, 2011): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB“) is pleased to announce today that is has closed its previously announced public offering of $23,000,000 aggregate principal amount of Series D 7.25% Convertible Unsecured Subordinated Debentures (the “Debentures“), including the underwriters’ over-allotment option in respect of the Debentures which was fully exercised.  The Debentures were sold to a syndicate of underwriters led by National Bank Financial Inc. and including Canaccord Genuity Corp., Dundee Securities Ltd., GMP Securities L.P. and HSBC Securities (Canada) Inc. for total net proceeds to BTB of approximately $21,450,000, after deducting the underwriters’ fee and the estimated expenses of the offering.  Approximately $12,883,000 of the net proceeds from the sale of the Debentures will be used to repay all of the Series A Debentures due October 2011 and the balance will be used to fund future property acquisitions by subsidiaries of BTB or added to the working capital of BTB. The Debentures have been offered in all provinces of Canada by way of a short-form prospectus.

The Debentures will be traded on the TSX Venture Exchange under the symbol BTB.DB.D.

The Debentures and the underlying units have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Québec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

Mr. Renaud is a 30 year real estate veteran who has held senior positions in firms specializing in property management, leasing & sales, promotion & marketing of a variety of real estate portfolios in Quebec and Western Canada including: downtown and suburban office buildings; retail malls and strips; industrial and mixed use  complexes; hotel, multi-family & senior housing projects. Mr. Renaud holds the CPM and FRI designations and has a Certificate in Urban Land Economics from the University of British Columbia. Mr. Renaud is a past-president of the Real Estate Institute of Canada, the current president of the IREM-Quebec chapter and sits on the board of numerous community organizations.

BTB has granted Mr. Renaud options to purchase 50,000 units of BTB.  These options can be exercised until July 11, 2016 at an exercise price of $0.95 per unit.

“BTB is pleased with the arrival of Mr. Renaud and is confident that his real estate expertise will be a great asset to BTB’s growth” declared Mr. Michel Léonard, President and Chief Executive Officer.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact :

The above mentioned plans must be approved by the TSX Venture Exchange before being implemented.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 –

For further information, please contact:

DISSEMINATION IN THE UNITED STATES

Montréal, Québec (June 20, 2011): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB” or the “REIT”) announced today that it has reached an agreement with a syndicate of underwriters led by National Bank Financial Inc. and including Canaccord Genuity Corp., Dundee Securities Ltd., GMP Securities L.P. and HSBC Securities (Canada) Inc. to issue to the public, subject to regulatory approval, on a bought deal basis, $20.0 Million aggregate principal amount of convertible unsecured subordinated debentures due July 31, 2018 (the “Debentures”).  The REIT has granted the underwriters an over-allotment option exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional $3.0 Million principal amount of Debentures at the same offering price.

The Debentures bear an interest rate of 7.25% per annum payable semi-annually in arrears on January 31 and July 31 in each year commencing on January 31, 2012, and will mature on July 31, 2018 (the “Maturity Date”).  The Debentures will be convertible at the holder’s option into units of BTB (the “Units”) at any time prior to the earlier of the Maturity Date and the date fixed for redemption at a conversion price of $1.22 per Unit (the “Conversion Price”), being a ratio of approximately 819.672 Units per $1,000 principal amount of Debentures.  The Debentures will not be redeemable before July 31, 2014.  On and after July 31, 2014 and prior to July 31, 2016, the Debentures may be redeemed in whole or in part from time to time at BTB’s option provided that the volume weighted average trading price for the Units is not less than 125% of the Conversion Price.  On and after July 31, 2016 and prior to the Maturity Date, the Debentures may be redeemed in whole or in part from time to time at BTB’s option at a price equal to their principal amount plus accrued interest. Subject to regulatory approval, BTB may satisfy its obligations to repay the principal amount of the Debentures on redemption or at maturity, in whole or in part, by delivering that number of Units equal to the amount due divided by 95% of the market price for the Units at that time, plus accrued interest in cash.

BTB intends to use the net proceeds from this offering (after deducting the Underwriters’ fee and offering expenses) to repay the Series A convertible debentures due October 2011 ($12.9 Million outstanding), to fund future property acquisitions and for general corporate purposes.

The REIT will, by June 27, 2011, file with the securities commissions and other similar regulatory authorities in each of the provinces of Canada a preliminary short form prospectus relating to the issuance of the Debentures. Closing of the offering is expected to take place on or about July 13, 2011.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful and is not an offering of securities for sale in the United States. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. Forward-looking statements in this news release include namely that the offering is expected to close on or about July 13, 2011. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

• Increase of 5.25% in the average lease renewal rate in the first quarter.
• Increase of more than 29% in rental income and 25% in operating income as compared to the first quarter of 2010, mainly due to acquisitions during the year.
• Increase of 4% in rental income from the same-property portfolio and 1.1% in net operating income as compared to the first quarter of 2010.
• Accounting loss of $1 million in the first quarter of 2011, as per the new International Financial Reporting Standards. The impact of these new standards was of approximately $1.2 million, attributable to a gain in value of financial instruments following the recent important appreciation of BTB units on the financial markets.
• On January 11, 2011, public offering of $23 million in Series C 8% convertible debentures maturing on January 31, 2016, providing a net capital contribution of $21.5 million.
• On January 12, 2011, reimbursement of $12.8 million of the acquisition line of credit.
• On March 29, 2011, public offering of 19,450,000 units at $0.90 per unit, providing a net capital contribution of more than $16.5 million.
• On March 30, 2011, final reimbursement of the remaining $10 million of the acquisition line of credit.
• Surplus cash position of $12 million allowing future acquisitions providing an estimated annual accretion of 2.5¢ per unit outstanding.

Subsequent events

• On April 4, 2011, acquisition of the remaining unowned portion of the “Complexe Lebourgneuf property Phase I” in Québec City for a net cost of $7.0 million after assumption of the mortgage.
• On April 6, 2011, the start-up in a partnership of the construction of Phase II of the Complexe Lebourgneuf in Québec City. The Fund owns a 25% interest in this project. Phase II is already almost 40% leased and should welcome its first tenants in the fall of 2011. The Trust is investing capital of approximately $1.5 million in this project and expects a return on its investment of at least 25% once the property’s occupancy rate has stabilized.
• On April 14, 2011, exercise of the over-allotment option following the unit issue on March 29, 2011, for 2,848,000 units at $0.90 per unit, providing a net capital contribution of approximately $2.3 million.

“We are more than pleased to restart our acquisition activities.  Furthermore, with the help from the financial markets, BTB fully reimbursed its acquisition line of credit, an accretive move for BTB.  Our recent activity in the financial markets have increased BTB’s market cap from $20M to more than $68M.” stated Mr. Michel Léonard, President and Chief Executive Officer of BTB.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information:

As at the close of business on June 14, 2011, 73,989,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Management will hold a conference call on Wednesday, June 15, 2011 at 11:00 a.m. (ET) to discuss BTB’s financial results and performance for the three-month period ended on March 31, 2011.

The media and all interested parties may attend the call in listening mode only. Please dial 514‑798‑2265 in Montréal and 1-877-808-8096 from outside Montréal, enter code access: 65178#.  A replay of the conference will be available at 1-877-353-9587; reference: 546598# and access code: 65178# until September 15, 2011, at 11:59 p.m. To ensure your participation, please dial in five minutes prior to the start of the call.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact Mr. Olivier Fillion-Boutin, Optimum Public Relations at 514‑985-8309.

Or:

As at the close of business on May 12, 2011, 73,989,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

• In March 2010, the Trust, by way of a public offering, took over Cagim Real Estate Corporation (“Cagim”). This acquisition contributed to the increase in operating revenues of the Trust by 12.6% and to the increase of net operating income by 8%. This acquisition increased BTB’s assets value by $49 million and added six properties to BTB’s portfolio.
• Acquisition in November 2010 of a 50% interest (a portion it did not already own through the Cagim acquisition) in two properties which were owned by a third party. This acquisition added $10.85 million to BTB’s assets, increasing the total value to over $286 million as at December 31, 2010 (i.e. an increase in total value of 28.5%).
• During the fourth quarter of 2010, the Trust saw a 4.8% growth in revenues and 2% growth in net operating income on the basis of the “same property portfolio” basis.
• The occupancy rate of BTB’s portfolio decreased slightly from 90.5% in the third quarter to 90.0% in the fourth quarter of 2010 mainly due to a decrease of the occupancy rate of BTB’s office buildings.
• Based on accepted offers to lease and the subsequent acquisition of the remaining 50% interest in Phase 1 of Complexe Lebourgneuf in April 2011, the occupancy rate of the Complexe Lebourgneuf will rise to approximately 90% during the second quarter of 2011 (which occupancy rate for that building was 78% as at December 31, 2010).
• The funds from operations (FFO) and the adjusted funds from operations (AFFO) decreased on an annual basis by 36% and 23% respectively, mainly caused by delays in leasing vacant spaces in the Cagim portfolio and of certain non-recurring expenses assumed by BTB to close on the Cagim acquisition and expenses incurred and related to the acquisition line of credit.
• The payout ratio of distributions was 81% of BTB’s AFFO.
• In November 2010, BTB’s raised funds through the issue of 18 million BTB units, at $0.67 per unit, generating net proceeds of $11.1 million.
• As compared to the previous year’s end, the Trust saw a significant increase in cash and cash equivalent of $1.5 million.
• Since the Trust reimbursed, during the first quarter of 2011, the total amount borrowed under the acquisition line of credit to complete the Cagim acquisition, the loan to value ratio of the portfolio (excluding debentures) which was 65.5% as at December 31, 2010, decreased to approximately 60.1% in the first quarter of 2011.

SUBSEQUENT EVENTS

• On January 11, 2011, public offering of $23 million in Series C 8% convertible debentures maturing on January 31, 2016, generating net proceeds of $21.4 million.
• On January 12, 2011, reimbursement of $12.8 million of the acquisition line of credit.
• On March 29, 2011, public offering of 22,367,300 units at $0.90 per unit, generating net proceeds of $18.8 million.
• On March 30, 2011, reimbursement of the remaining balance of $10 million of the acquisition line of credit.
• On April 4, 2011, acquisition of the remaining interest in “Complexe Lebourgneuf Phase I” in Québec City for a net cost of $7.0 million after mortgage assumption.

“2010 was an important year for BTB.  As a result of BTB’s acquisition of Cagim, the Fund has grown its assets by 28%. During the year, the Trust raised significant funds in the financial markets, thereby improving its capital structure and adding a significant amount of working capital. Although the acquisition of Cagim has not been accretive in 2010, we are confident that it will be accretive during the second quarter of 2011 and for the subsequent years.” stated Michel Léonard, President and Chief Executive Officer of BTB.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information:

Management will hold a conference call on Friday, April 29, 2010 at 11:00 a.m. (ET) to discuss BTB’s financial results and performance for the three-month period and fiscal year ended on December 31, 2010.

The media and all interested parties may attend the call in listening mode only. Please dial 514‑798‑2265 in Montréal and 1-877-808-8096 from outside Montréal.  A replay of the conference will be available at 1-877-653-0535; passcode 543223 until May 31, 2011, at 11:59 p.m.  To ensure your participation, please dial in five minutes prior to the start of the call.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Mr. Olivier Fillion-Boutin, Optimum Public Relations at 514‑985-8309.

Or:

For further information, please contact Mr. Michel Léonard or Mr. Benoît Cyr.

As at the close of business on April 14, 2011, 73,989,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Montreal, Québec (April 14, 2011): BTB Real Estate Investment Trust (TSXV: BTB.UN) (“BTB“) is pleased to announce today that is has closed the over-allotment option from its previously announced $17.5 million bought deal financing, which closed on March 29, 2011.

The underwriters led by National Bank Financial Inc. and Dundee Securities Corporation and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. exercised the over-allotment option and purchased 2,848,000 Units at a purchase price of $0.90 per Unit, for total net proceeds to BTB of approximately $2.4 million, after deducting the underwriters’ fee. The exercise of the over-allotment option brings the aggregate gross proceeds of the offering to approximately $20.1 million. The proceeds from the sale of the Units will be used to finance acquisitions or added to the working capital of BTB.

The Units have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

Reimbursement of the Acquisition Credit Facility

BTB announces that it reimbursed in its entirety the $22.8M acquisition credit facility contracted in May 2010 with Firm Capital Corporation to acquire Cagim Real Estate Corporation.  The balance of the loan owing was paid from the proceeds BTB raised in its last public issue.

Purchase of 50% of Complexe Lebourgneuf – Phase 1

BTB purchased today 50% of the building known as Complexe Lebourgneuf – Phase 1, at 825 Lebourgneuf Boulevard in Quebec City.  BTB already owned 50% of the building and acquired the remaining share portion from Urban Intensification Fund LP for the lump sum of $19,350,000, including the mortgage financing already in place in the amount of approximately $12,368,000.  BTB’s ownership in the building is now 100%.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Mr. Michel Léonard or Mr. Benoît Cyr.

Reimbursement of the Acquisition Credit Facility

BTB announces that it reimbursed in its entirety the $22.8M acquisition credit facility contracted in May 2010 with Firm Capital Corporation (“FCC”) to acquire Cagim Real Estate Corporation.  The balance of the loan owing was paid from the proceeds BTB raised in its last public issue.

Purchase of 50% of Complexe Lebourgneuf – Phase 1

BTB purchased today 50% of the building known as Complexe Lebourgneuf – Phase 1, at 825 Lebourgneuf Boulevard in Quebec City.  BTB already owned 50% of the building and acquired the remaining share portion from Urban Intensification Fund LP for the lump sum of $19,350,000, including the mortgage financing already in place in the amount of approximately $12,368,000.  BTB’s ownership in the building is now 100%.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in good quality leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Mr. Michel Léonard or Mr. Benoît Cyr.

Montreal, Québec (March 29, 2011): BTB Real Estate Investment Trust (TSXV: BTB.UN) (“BTB“) is pleased to announce today that is has closed its previously announced public offering of 19,450,000 units (the “Units”). The Units were sold to a syndicate of underwriters led by National Bank Financial Inc. and Dundee Securities Ltd. and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. for total net proceeds to BTB of approximately $16.4 million, after deducting the underwriters’ fee and the estimated expenses of the offering.

The net proceeds will be used (i) to purchase the remaining 50% interest BTB does not already own in Complexe Lebourgneuf (Phase 1), (ii) for a final repayment of the outstanding principal under BTB’s acquisition credit facility, in the amount of $10.0 million (iii) to fund future acquisitions and (iv) for general corporate purposes.  The Units have been offered in all provinces of Canada by way of a short-form prospectus.

The Units have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

With over 25 years’ experience, Mr. Oana has held senior management key positions for Property Owners and Managers as well as Vice-President of several notable Real Estate Brokerage firms.  He has transacted in all facets of Commercial Real Estate and is also a member of the OACIQ (Organisme d’autoréglementation du courtage immobilier du Québec).

Having studied Finance at Concordia University, he also successfully held the position as Director, Corporate Accounting of one of Canada’s leading retailers.

BTB has granted Mr. Oana options to purchase 50,000 units of BTB.  Subject to Unitholders’ approval, these options can be exercised until March 21, 2016 at an exercise price of $0.92 per unit.

“BTB is pleased with the arrival of Mr. Oana and is confident that his real estate expertise will be a great asset to BTB’s growth.” declared Mr. Michel Léonard, President and Chief Executive Officer.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Michel Léonard at :

As at the close of business on March 14, 2011, 51,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

OVER UNITED STATES WIRE SERVICES

Montreal, Québec (March 9, 2011): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB” or the “REIT”) announces that it has entered into an agreement to purchase the remaining 50% interest it does not already own in Complexe Lebourgneuf (Phase 1), located at 825 Lebourgneuf Boulevard in Quebec City.

In addition, BTB has reached an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Dundee Securities Corp. and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. to issue to the public, subject to regulatory approval, on a bought deal basis, 19,450,000 trust units (the “Units”) at a price of $0.90 per Unit representing gross proceeds of $17.5 million. The REIT has granted the underwriters an over-allotment option exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional 2,917,500 Units at the same offering price.

The net proceeds from this offering (after deducting the Underwriters’ fee and estimated offering expenses) will be used to purchase the remaining 50% interest it does not already own in Complexe Lebourgneuf (Phase 1), for a final repayment of the outstanding principal under BTB’s acquisition credit facility, in the amount of $10 million, to fund future acquisitions and for general corporate purposes.

As at the close of business on March 7, 2011, 51,691,725 units of BTB were issued and outstanding.

The REIT will, by March 15, 2011, file with the securities commissions and other similar regulatory authorities in each of the provinces of Canada a preliminary short form prospectus relating to the issuance of the Units. Closing of the offering is expected to take place on or about March 29, 2011.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

Description of Complexe Lebourgneuf (Phase 1)

This building, for which the construction was completed recently,  is located in the Lebourgneuf suburb of Québec City. It has retail stores on the ground floor and office space on the other floors. It contains a total rentable area of approximately 232,000 square feet and its occupancy rate, including signed leases for future occupancy, is more than 90%. The purchase price of the remaining 50% interest is $19.3 million, including the assumption of the existing mortgage loan of $12.5 million.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. Forward-looking statements in this news release include namely that the offering is expected to close on or about March 29, 2011. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

As at the close of business on February 14, 2011, 51,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

As at the close of business on January 13, 2011, 51,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Montreal, Québec (January 11, 2011): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB“) is pleased to announce today that is has closed its previously announced public offering of $23,000,000 aggregate principal amount of Series C 8% Convertible Unsecured Subordinated Debentures (the “Debentures“), including the underwriters’ over-allotment option in respect of the Debentures which was fully exercised.  The Debentures were sold to a syndicate of underwriters led by National Bank Financial Inc. and Dundee Securities Corporation and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. for total net proceeds to BTB of approximately $21,400,000, after deducting the underwriters’ fee and the estimated expenses of the offering.  At least $10,000,000 of the net proceeds from the sale of the Debentures will be used to pay down the outstanding debt under BTB’s acquisition credit facility and the balance to fund future property acquisitions by subsidiaries of BTB or added to the working capital of BTB. The Debentures have been offered in all provinces of Canada by way of a short-form prospectus.

The Debentures will be traded on the TSX Venture Exchange under the symbol BTB.DB.C.

The Debentures and the underlying units have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Québec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

As at the close of business on December 14, 2010, 51,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Montreal, Quebec (December 14, 2010): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB” or the “REIT”) announced today that it has reached an agreement with a syndicate of underwriters co-led by National Bank Financial Inc. and Dundee Securities Corp. and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. to issue to the public, subject to regulatory approval, on a bought deal basis, $20.0 million aggregate principal amount of convertible unsecured subordinated debentures due January 31, 2016 (the “Debentures”). The REIT has granted the underwriters an over-allotment option exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional $3.0 Million principal amount of Debentures at the same offering price.

The Debentures bear an interest rate of 8.00% per annum payable semi-annually in arrears on January 31 and July 31 in each year commencing on July 31, 2011, and will mature on January 31, 2016 (the “Maturity Date”). The Debentures will be convertible at the holder’s option into units of BTB (the “Units”) at any time prior to the earlier of the Maturity Date and the date fixed for redemption at a conversion price of $1.00 per Unit (the “Conversion Price”), being a ratio of approximately 1,000.000 Units per $1,000 principal amount of Debentures. The Debentures will not be redeemable before January 31, 2014. On and after January 31, 2014 and prior to January 31, 2015, the Debentures may be redeemed in whole or in part from time to time at BTB’s option provided that the volume weighted average trading price for the Units is not less than 125% of the Conversion Price. On and after January 31, 2015 and prior to the Maturity Date, the Debentures may be redeemed in whole or in part from time to time at BTB’s option at a price equal to their principal amount plus accrued interest. Subject to regulatory approval, BTB may satisfy its obligation to repay the principal amount of the Debentures on redemption or at maturity, in whole or in part, by delivering that number of Units equal to the amount due divided by 95% of the market price for the Units at that time, plus accrued interest in cash.

BTB intends to use the net proceeds from this offering (after deducting the Underwriters’ fee and offering expenses) to pay down the outstanding debt under the REIT’s current acquisition credit facility, to fund future property acquisitions and for general corporate purposes.

The REIT will, by December 20, 2010, file with the securities commissions and other similar regulatory authorities in each of the provinces of Canada a preliminary short form prospectus relating to the issuance of the Debentures. Closing of the offering is expected to take place on or about January 11, 2011.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful and is not an offering of securities for sale in the United States. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

BTB Real Estate Investment Trust

Description of the buildings

Place Lombard

These two adjacent commercial buildings are located in close proximity to Highway 40 in Québec City and to the other properties owned by BTB in that suburb. They total 86,600 square feet of rentable area and collectively have an occupancy rate of 100%.

Place d’affaires Lebourgneuf Phase II

This three-story building, completed in 2008, is also located in the Lebourgneuf suburb of Québec City. It has retail stores on the ground floor and office space on the other floors.  It contains a total rentable area of 109,600 square feet and its occupancy rate is almost 97%.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

Mr. Michel Léonard

President Chief Executive Officer

514-286-0188, ext. 228

• Increase of 17.8% in operating revenues and 8.6% in net operating income mainly due to the acquisition of the CAGIM portfolio, acquired on May 10, 2010.
• Stability of the occupation rate in the third quarter at 90.5% (90.2% at the end of the second quarter of 2010).
• Most of the rentable areas coming up for renewal, since the beginning of the year, have been renewed. The average renewal rate of these leases is 7.1%
• The « 3781 des Sources  » building is again an income producing property since July 10, 2010 with the arrival of a branch of Shoppers Drug Mart (Pharmaprix) and of a branch of the Bank of Montreal on December 1st, 2010.

Subsequent events

• As at November 11, 2010, the signature of conditional agreements to purchase the remaining interest on three buildings located in the district of Lebourgneuf in Quebec for a total consideration of $10.85M.
• Public distribution on November 19, 2010 of 18 million trust units at $0,67 per unit, providing a net inflow of capital of $11,1M

‘The subsequent events in the third quarter were of historical significance for BTB, particularly the successful public issue of 18 million trust units. This event marks the return to growth for BTB. We thank all those who participated in this issue. ‘ stated Mr. Michel Léonard, President and Chief Executive Officer of BTB.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

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For further information, please contact Mr. Maxime Couture, Optimum Public Relations at 418-521-3770.

Or:

Mr. Michel Léonard                                                     Mr. Benoît Cyr, C.A.

President Chief Executive Officer                             Vice-President and Chief Financial Officer

514-286-0188, ext. 228                                               514-286-0188, ext. 230

Description of the buildings

Place Lombard

These two adjacent commercial buildings are located in close proximity to Highway 40 in Québec City and to the other properties owned by BTB in that suburb. They total 86,600 square feet of rentable area and collectively have an occupancy rate of 100%.

Place d’affaires Lebourgneuf Phase II

A three-story building, completed in 2008 is also located in the Lebourgneuf suburb of Québec City. It has retail stores on the ground floor and office space on the other floors.  It contains a total rentable area of 109,600 square feet and its occupancy rate is almost 97%.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

Mr. Michel Léonard

President Chief Executive Officer

514-286-0188, ext. 228

Montreal, Québec (November 19, 2010): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB”) is pleased to announce today that is has closed its previously announced public offering of 18,000,000 units (the “Units”), including the underwriters’ over-allotment option in respect of the Units which was fully exercised.  The Units were sold to a syndicate of underwriters led by National Bank Financial Inc. and Dundee Securities Corporation and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. for total net proceeds to BTB of approximately $11.1 million, after deducting the underwriters’ fee and the estimated expenses of the offering.  The proceeds from the sale of the Units will be used to finance acquisitions or added to the working capital of BTB.  The Units have been offered in all provinces of Canada by way of a short-form prospectus.

The Units have not been and will not be registered under the United States Securities Act of 1933 and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

As at the close of business on November 12, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

Montreal, Quebec (November 3, 2010): BTB Real Estate Investment Trust (TSX-V:BTB.UN) (“BTB” or the “REIT”) is pleased to announce that it has increased its previously announced “bought deal” financing to 15,750,000 trust units (“Units”) of the REIT. The syndicate of investment dealers led by National Bank Financial Inc. and Dundee Securities Corp. and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. have agreed to purchase an additional 750,000 Units at the same purchase price of $0.67 per Unit for additional gross proceeds of approximately $500,000.  Total aggregate gross proceeds of the offering are now approximately $10.55 million (the “Offering”).

The Offering is scheduled to close on or about November 19, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.

The net proceeds of the Offering will be used to fund future property acquisitions and for general trust purposes.

These securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

BTB announced on November 1, 2010 that subject to fulfilling Toronto Stock Exchange (“TSX”) listing requirements, the REIT will transfer its listing from the TSX Venture Exchange to the TSX.  BTB wishes to confirm that it has not yet commenced the process of migration with the TSX.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. Forward-looking statements in this news release include namely that the offering is expected to close on or about November 19, 2010. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

OVER UNITED STATES WIRE SERVICES

Montreal, Québec (November 1, 2010): BTB Real Estate Investment Trust (TSX-V: BTB.UN) (“BTB” or the “REIT“) announced today that it has reached an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Dundee Securities Corp. and including Canaccord Genuity Corp. and HSBC Securities (Canada) Inc. to issue to the public, subject to regulatory approval, on a bought deal basis, 15,000,000 trust units (the “Units”) at a price of $0.67 per Unit representing gross proceeds of $10.1 Million. The REIT has granted the underwriters an over-allotment option exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional 2,250,000 Units at the same offering price.

The net proceeds from this offering (after deducting the Underwriters’ fee and estimated offering expenses) will be used to fund future property acquisitions, to repay indebtedness and for general trust purposes.

Migration to TSX:

BTB also announced that subject to fulfilling the TSX listing requirements, the REIT will transfer its listing from the TSX Venture Exchange to the TSX. A further notice of listing will be issued.

As at the close of business on November 1, 2010, 33,691,725 units of BTB were issued and outstanding.

The REIT will, by November 5, 2010, file with the securities commissions and other similar regulatory authorities in each of the provinces of Canada a preliminary short form prospectus relating to the issuance of the Units. Closing of the offering is expected to take place on or about November 19, 2010.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

About BTB

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB with the securities regulators in Canada. Forward-looking statements in this news release include namely that the offering is expected to close on or about November 19, 2010. The cautionary statements qualify all forward-looking statements attributable to BTB and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact:

As at the close of business on October 13, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

With over 30 years of experience in the field of real estate Mr. Perreault is a remarkable pioneer and one of its leaders.

From 1995 to December 2009, Mr. Perreault held senior managerial positions at the ‘Caisse de depôt et placement du Québec’ where he supervised real estate investments and coordinated activities of its real estate subsidiaries where he sat as Chairman of each subsidiary’s board of directors.  From 1987 to 1995 Mr. Perreault was President and Chief Executive Officer of SITQ’s Real Estate group where he was instrumental in its growth, playing a key role in propelling it to the rank of leader in Quebec.  He also spent several years at the Canada Mortgage and Housing Corporation.

Mr. Perreault studied at the University of Ottawa where he obtained a law degree.

‘We welcome Mr. Perreault as member of the Board of Trustees and consider ourselves to be extremely lucky to have such  a real estate expert joining BTB.  We are very confident that he will contribute greatly to the future growth and development of BTB.’ declared Mr. Jocelyn Proteau, President of the Board of Trustees of BTB.

‘Mr. Perreault’s wide ranging experience will benefit BTB and will be an excellent point of reference for our management team.’ added Mr. Michel Léonard, President and Chief Executive Officer

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Mr. Jocelyn Proteau or Michel Léonard.

As at the close of business on September 13, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

• Closing of the acquisition of Cagim at a price of $1.05 per share, adding thereby more than 600,000 square feet of leasable area. The acquisition cost of the purchased shares total more than 21.5 million $ thus procuring high quality assets of more than 47 million $. BTB’s portfolio now consists of 49 properties representing 2,866,000 square feet of leasable area.
• An 8.8% increase in revenues and a 4% increase in NOI in comparison to the second quarter of 2009 due to the acquisition of the Cagim portfolio (May 10 to June 30, 2010).
• Increase in the occupancy rate of 3 out of 4 of the Trust’s real estate sectors. To the exception of the ‘office’ sector, the occupancy rate of all of the 3 other sectors of the Trust increased slightly for the period ended June 30, 2010.
• Increase of 4.1% of expired and renewed leases in the second quarter of 2010. Since the beginning of the second quarter the Trust has seen an average increase of 4.7% in renewed in-place leases which will enable it to ultimately increase its comparable real estate portfolio revenues.
• Slight decrease of the Trust’s operation performance ratio for the period ended June 30, 2010 (Distributable income, FFO and AFFO) compared with that of the second quarter of 2009 due to a slight reduction in the overall rate of occupancy preceding Cagim’s portfolio acquisition (a $150,000 effect), the loss of revenues from one of its building under development since the beginning of 2010 (a $107,000 effect), and non recurring items (a $101,000 effect). On the basis of the signed leases for the building under development, with both Pharmaprix and Bank of Montreal, these will eventually generate quarterly revenues upwards of $165,000.

‘In the past several months, the Trustees invested most of their energy and efforts on the acquisition of the Cagim portfolio.  Even though Cagim’s contribution to BTB’s financial results will be minimal in 2010, we are utmost confident that in the course of the ensuing months the portfolio will definitely contribute to a significant increase of the Trust’s various performance indicators. The buildings which comprise the Cagim portfolio are concentrated in Quebec City’s most dynamic area, with a strong demand for tenant occupancy.’ stated Mr. Michel Léonard, President and Chief Executive Officer of BTB.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

- 30 -

For further information, please contact Mr. Maxime Couture, Optimum Public Relations at 418-521-3770.

Or:

As at the close of business on August 12, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

As at the close of business on July 14, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

As at the close of business on June 14, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

• Slight increase in the occupancy rate compared to the first quarter of 2009 while the occupancy rate remained the same compared to the fourth quarter of 2009.
• Excluding the operations of the property under development, the revenues from the same property portfolio were maintained (+0.4%).
• Began the investments on the redevelopment of the property located at 3781 Des Sources Blvd. in order to accommodate during the second quarter of 2010 a Pharmaprix store of the Shoppers Drug Mart chain.
• Average increase of 5.0% of expired and renewed leases in the first quarter of 2010.
• Implementation of an acquisition line of credit in the amount of 25 million $ with Firm Capital Mortgage Fund Inc.
• Closing of the acquisition of Cagim Real Estate Corporation (“Cagim”) at a price of $1.05 per share, adding thereby more than 600,000 square feet of leasable area.  The acquisition cost of the properties was 47.8 million $ and the value of the assumed hypothecs was 27 million $.  BTB’s portfolio is now composed of 49 properties and 2,872,000 square feet of leasable area.

Even though income has slightly decrease compared with that of the first quarter of 2009, mainly due to major improvement work on one of its buildings, the Trust pursued the consolidation of its operations and the improvement of its real estate portfolio by signing leases with quality tenants.  Management has concentrated its efforts in the negotiation and the closing of the acquisition of Cagim.

“The Trust aims to resume its growth by acquisitions.  It has set up an acquisition line of credit with Firm Capital Mortgage Fund Inc. that has allowed it to purchase Cagim, a corporation from Québec City holding $48 million in assets and 600,000 square feet of leasable area.  After this acquisition, the Trust now holds more than $280 million in assets and about three million square feet of leasable area.  Results have been stable and predictable for the first quarter.  The redevelopment of the Pharmaprix building is proceeding and our new client anticipates moving in on July 8, 2010″ stated Mr. Michel Léonard, President and Chief Executive Officer of BTB.

The Trust presents below the balance sheets as at March 31, 2010 and December 31, 2009 and the statements of income, and cash flows for the quarters ended on March 31, 2010 and 2009. These tables are extracted from the Audited Financial Statements and should be read together with the accompanying notes.

BTB REIT – Quarterly Financial Statements – Q1 2010

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

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For further information, please contact Mr. Maxime Couture, Optimum Public Relations at 418‑521‑3770.

Or:

Mr. Michel Léonard

President Chief Executive Officer

514-286-0188, ext. 228

Mr. Benoît Cyr, C.A.

Vice-President and Chief Financial Officer

514-286-0188, ext. 230

The board of trustees granted a total of 440,000 options to purchase units. The exercise price of the options has been set at $0,68 per unit, being the closing price of the BTB’s units on May 26, 2010.

These 440,000 unit purchase options have been granted and distributed as follows:

Subject to Unitholders approval, these options can be exercised until May 26, 2015. Each option allows its holder to subscribe to one BTB unit.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

Mr. Michel Léonard

President and Chief Executive Officer

514- 286-0188 # 228

Management will hold a conference call on Monday, May 31, 2010 at 10:00 a.m. (ET) to discuss BTB’s financial results and performance for the three-month period ended on March 31, 2010.

The media and all interested parties may attend the call in listening mode only. Please dial 514-392-9193 in Montréal and 1-866-226-1792 from outside Montréal. A replay of the conference will be available at 1‑800‑408‑3053; passcode 6255422 # until July 30, 2010, at 11:59 p.m.  To ensure your participation, please dial in five minutes prior to the start of the call.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

- 30 -

For further information, please contact Mr. Maxime Couture, Optimum Public Relations at 418‑521‑3770.

Or:

Mr. Michel Léonard                                                        Mr. Benoît Cyr, C.A.

President Chief Executive Officer                                     Vice-President and Chief Financial Officer

514-286-0188, ext. 228                                                   514-286-0188, ext. 230

As at the close of business on May 13, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

BTB offered to acquire all of the Common Shares for a consideration in cash of $1.05 per Common Share. The aggregate cash consideration being paid by BTB is approximately $20,856,782. Since BTB has been successful in acquiring more than 90% of the Common Shares under the offer, it intends to acquire all remaining Common Shares by compulsory acquisition under the Canada Business Corporations Act. BTB intends to send a notice of compulsory acquisition to each shareholder of Cagim who has not accepted the offer as soon as practicable.

At the request of BTB, the trading of its listed securities has been halted by the Investment Industry Regulatory Organization of Canada at 9:16 a.m. (Eastern time) on Monday, May 10, 2010 pending release of this press release.

The quality of Cagim’s real estate portfolio is impressive. Most of the properties are located in the Lebourgneuf suburb, a high growth area of Quebec City. Cagim’s portfolio consists of six buildings totaling more than 600,000 square feet. Cagim has a 50% interest in three of these buildings. Cagim’s real estate portfolio has been valued at approximately $48,000,000 by Altus. These buildings will provide positive cash flows to BTB and will increase its Net Operating Income.

BTB is an unincorporated open-ended real estate trust formed and governed under the laws of the Province of Quebec pursuant to a contract of trust. BTB will own following this acquisition 49 commercial and industrial properties in primary and secondary markets, for a total of 2.9 million square feet. BTB is now an important real estate owner in geographical markets east of Ottawa. BTB’s objectives are: (i) to generate cash distributions that are fiscally beneficial to unitholders; (ii) to grow its assets to increase distributable income and therefore fund distributions; and (iii) to optimize the value of its assets through dynamic management of its properties in order to maximize the long-term value of its units.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB Real Estate Investment Trust and Cagim Real Estate Corporation and their operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB Real Estate Investment Trust and Cagim Real Estate Corporation could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB Real Estate Investment Trust and Cagim Real Estate Corporation with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB Real Estate Investment Trust and Cagim Real Estate Corporation and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information:

2009 A YEAR OF CONSOLIDATION

• Stabilization of the financial position: first year since inception in which funds from operations (FFO) cover distributions
• Increase of :   ▪  8.7% of the Operating Income⁽¹⁾

▪  9,6% of the Net Operating Income (NOI)

▪  48% of the EBTD

▪  18% of the EBITDA

▪  24% of the FFO

• 12% reduction of real estate management fees and administrative costs: $1.732M (2009) vs $1.963M (2008)
  • Renewal of important leases: ▪ Hydro-Québec (for 10 years – Complexe de Léry)

▪ CSST (for 10 years – Saint-Jean-sur-Richelieu)

▪ SIQ (for 5 years – Montréal)

• Redevelopment of an important space: lease of 18,000 to Pharmaprix – Shoppers Drug Mart (Dollard-des-Ormeaux)

(1)  8.7% increase in rental income form income producing building ($30,325M vs $27,906M)

BTB READY FOR THE ECONOMIC REVIVAL

• Execution of a $25M acquisition credit line
• Take-over bid on the shares of Cagim Real Estate Corporation, owner of $48M real estate portfolio and substantial liquidity

With its growth being slowed down by the financial crisis, BTB Real Estate Investment Trust consolidated its activities in 2009 by internalizing most of its building management, thereby improving its operational ratios, providing a tighter control of its real estate operating expenses as well as lowering its administrative costs.  Funds from operations in 2009 have for the first time exceeded distributions paid to Unitholders, thereby preserving liquidity.

The Trust is also pleased to announced the renewal of the lease with Hydro-Québec in Trois-Rivières for 10 years, as well as the renewal of the leases with Société immobilière du Québec and other paragovernmental organizations.  Finally, the Trust commenced the redevelopment of a building in Montréal in order to welcome in June a Pharmaprix / Shoppers Drug Mart pharmacy.

“As was the case for many small REITs, the financial crisis has been a major obstacle to BTB’s development.  Throughout 2009, our efforts were dedicated to the stabilization of our financial position and to put BTB in a situation where it will benefit from the economic revival.  We now have many business opportunities, such as Cagim, and aim to achieve growth and efficiency as envisaged under our initial business plan” stated Michel Léonard, President and Chief Executive Officer of BTB.

The Trust presents below the balance sheets as at December 31, 2009 and 2008 and the statements of income, and cash flows for the years then ended. These tables are extracted from the Audited Financial Statements and should be read together with the accompanying notes.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

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For further information, please contact Mrs. Marie-Ève Plamondon, Optimum Public Relations at 418‑521‑3749.

Or:

Mr. Michel Léonard

President Chief Executive Officer

514-286-0188, ext. 228

Mr. Benoît Cyr, C.A.

Vice-President and Chief Financial Officer

514-286-0188, ext. 230

Management will hold a conference call on Tuesday, April 27, 2010 at 10:00 a.m. (ET) to discuss BTB’s financial results and performance for the three-month period ended on December 31, 2009 and the 2009 year-end results.

The media and all interested parties may attend the call in listening mode only. Please dial 514-861-2909 in Montréal and 1-888-789-9572 from outside Montréal.  A replay of the conference will be available at 1‑800‑408-3053; passcode 7521275 # until June 30, 2010, at 11:59 p.m.  To ensure your participation, please dial in five minutes prior to the start of the call.

Conference call operators will coordinate the question and answer period, and will instruct participants regarding the procedures for the call.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information, please contact Mrs. Marie-Ève Plamondon, Optimum Public Relations at 418‑521‑3749.

Or:

Mr. Michel Léonard                                                        Mr. Benoît Cyr, C.A.

President Chief Executive Officer                                     Vice-President and Chief Financial Officer

514-286-0188, ext. 228                                                   514-286-0188, ext. 230

As at the close of business on April 14, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

The Board of Directors of CAGIM, after receiving financial and legal advice, and following the favorable recommendation from a Special Committee of independent directors of CAGIM tasked to examine the terms of the Offer, has unanimously determined that the cash amount to be paid to the shareholders of CAGIM pursuant to the Offer is fair from a financial point of view to the shareholders of CAGIM and that the Offer is in the best interest of CAGIM. Therefore, the Board of Directors of CAGIM unanimously recommends that shareholders of CAGIM accept the Offer and surrender their common shares pursuant to the Offer.

Pursuant to a lockup agreement executed on March 26, 2010 with some of CAGIM’s shareholders, 41.35% of the outstanding common shares on a fully diluted basis have been or shall be irrevocably deposited in support of the Offer.

CAGIM has a quality real estate portfolio, most of which is located in the Lebourgneuf district, an exiting area of Quebec City. CAGIM ‘s portfolio consists of six buildings totaling more than 600,000 square feet. CAGIM has a 50% interest in three of these buildings. CAGIM’s real estate portfolio has been valued at approximately $48,000,000 by Altus. These buildings provide positive cash flows and will contribute to an increase of BTB’s Net Operating Income.

BTB is an unincorporated open-ended real estate trust formed and governed under the laws of the Province of Quebec pursuant to a contract of trust. To date, BTB has acquired and will own following this acquisition 49 commercial and industrial properties in primary and secondary markets for a total of 2.9 million square feet.  BTB has now become an important real estate owner in geographical markets east of Ottawa.  The objectives of BTB are: (i) to generate cash distributions that are fiscally beneficial to unitholders; (ii) to grow BTB’s assets to increase distributable income and therefore fund distributions; and (iii) to optimize the value of its assets through dynamic management of its properties in order to maximize the long-term value of its units.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB Real Estate Investment Trust and Cagim Real Estate Corporation and their operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB Real Estate Investment Trust and Cagim Real Estate Corporation could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB Real Estate Investment Trust and Cagim Real Estate Corporation with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB Real Estate Investment Trust and Cagim Real Estate Corporation and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information:

The Board of Directors of CAGIM, after receiving financial and legal advice, and following the favorable recommendation from a Special Committee of independent directors of CAGIM tasked to examine the terms of the Offer, has unanimously determined that the cash amount to be paid to the shareholders of CAGIM pursuant to the Offer is fair from a financial point of view to the shareholders of CAGIM and that the Offer is in the best interest of CAGIM. Therefore, the Board of Directors of CAGIM unanimously recommends that shareholders of CAGIM accept the Offer and surrender their common shares pursuant to the Offer.

Pursuant to a lockup agreement executed on March 26, 2010 with some of CAGIM’s shareholders, 41.35% of the outstanding common shares on a fully diluted basis have been or shall be irrevocably deposited in support of the Offer.

CAGIM has a quality real estate portfolio, most of which is located in the Lebourgneuf district, an exiting area of Quebec City. CAGIM ‘s portfolio consists of six buildings totaling more than 600,000 square feet. CAGIM has a 50% interest in three of these buildings. CAGIM’s real estate portfolio has been valued at approximately $48,000,000 by Altus. These buildings provide positive cash flows and will contribute to an increase of BTB’s Net Operating Income.

BTB is an unincorporated open-ended real estate trust formed and governed under the laws of the Province of Quebec pursuant to a contract of trust. To date, BTB has acquired and will own following this acquisition 49 commercial and industrial properties in primary and secondary markets for a total of 2.9 million square feet.  BTB has now become an important real estate owner in geographical markets east of Ottawa.  The objectives of BTB are: (i) to generate cash distributions that are fiscally beneficial to unitholders; (ii) to grow BTB’s assets to increase distributable income and therefore fund distributions; and (iii) to optimize the value of its assets through dynamic management of its properties in order to maximize the long-term value of its units.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB Real Estate Investment Trust and Cagim Real Estate Corporation and their operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB Real Estate Investment Trust and Cagim Real Estate Corporation could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB Real Estate Investment Trust and Cagim Real Estate Corporation with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB Real Estate Investment Trust and Cagim Real Estate Corporation and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press release.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information:

The transaction, including the assumption of debt by BTB, values Cagim at approximately $21.5 million.  The all-cash Offer represents a premium of approximately 43% over the 20-day volume weighted average trading price for Cagim common shares on the TSX Venture Exchange through March 26, 2010 and of approximately 40% over the closing price on the last trading day prior to this announcement.

Shareholders owning approximately 40% of Cagim’s issued and outstanding common shares on a fully diluted basis, including some Officers and Directors of Cagim, have entered into lock­up agreements supporting the Offer.

Cagim has a quality real estate portfolio, most of which is located in the Lebourgneuf district, an exiting area of Quebec City.  Cagim’s portfolio consists of six buildings totaling more than 600,000 square feet.  Cagim has a 50% interest in three of these buildings.  Cagim’s real estate portfolio has been valued at approximately $48,000,000 by Altus.  These buildings provide positive cash flows and will contribute to an increase of BTB’s Net Operating Income

Following this acquisition, BTB will own 49 buildings for a total of more than 2,900,000 square feet.

“We are delighted to have entered into an agreement with Cagim that will allow us to pursue our growth plan that was put on hold during the financial crisis that shocked the global capital markets at the end of 2008 and in 2009.  This acquisition will add six high quality buildings to our current portfolio of 43 buildings, thus increasing the value of our portfolio to approximately 280 million dollars and 2.9 million square feet.  This acquisition falls squarely within our plan resulting from the strategic planning of the Board of Trustees during the fall of 2009 and will allow for synergies and savings that will contribute to increase the financial performance of BTB” has declared Mr. Michel Léonard, President and Chief Executive Officer of BTB.

Full details of the Offer will be included in the formal offer and take-over bid circular that is expected to be mailed to Cagim shareholders shortly. BTB’s take-over bid circular will be accompanied by a directors’ circular of Cagim, which will provide shareholders of Cagim with, among other things, the reasons for the recommendation of the Cagim Board of Directors that Cagim shareholders accept the Offer.  The Offer shall be valid for at least 35 days from its inception.

BTB’s obligation to acquire Cagim common shares pursuant to the offer is subject to certain conditions, including: (i) the valid deposit of at least 66 2/3% of the outstanding Cagim common shares (on a fully-diluted basis); (ii) receipt of all required third-party approvals; (iii) the non-occurrence of a material adverse effect; and (iv) the completion by Cagim of a pre-closing asset reorganization.

Under the terms of the definitive support agreement, Cagim will pay a termination fee of $750,000, being less than 3.5% of the amount of the Offer, to BTB if the definitive support agreement is terminated in the event that Cagim accepts a superior proposal and in certain other circumstances.

Dundee Securities Corporation acted as financial advisor to BTB.

Portfolio as at March 26 2010

BTB is an unincorporated open-ended real estate trust formed and governed under the laws of the Province of Quebec pursuant to a contract of trust. To date, BTB has acquired and owns 43 commercial and industrial properties in primary and secondary markets.  BTB has now become an important real estate owner in geographical markets east of Ottawa.  The objectives of BTB are: (i) to generate cash distributions that are fiscally beneficial to unitholders; (ii) to grow BTB’s assets to increase distributable income and therefore fund distributions; and (iii) to optimize the value of its assets through dynamic management of its properties in order to maximize the long-term value of its units.

Forward-Looking Statements

This press release may contain forward-looking statements with respect to BTB Real Estate Investment Trust and Cagim Real Estate Corporation and their operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. The actual results and performance of BTB Real Estate Investment Trust and Cagim Real Estate Corporation could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation and the factors described from time to time in the documents filed by BTB Real Estate Investment Trust and Cagim Real Estate Corporation with the securities regulators in Canada. The cautionary statements qualify all forward-looking statements attributable to BTB Real Estate Investment Trust and Cagim Real Estate Corporation and persons acting on their behalf. Unless otherwise stated or required by applicable law, all forward-looking statements speak only as of the date of this press

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information:

The Loan shall bear interest at the greater of 10.50% per annum or the TD Canada Trust posted bank prime rate of interest from time to time, plus 5% per annum.

The lender shall be entitled to a funding fee of 2,500,000 warrants to purchase BTB units.  Each whole warrant will entitle its holder to acquire one BTB unit at a price of $0.7644 per unit until June 1, 2012.  Provided that BTB meets the Loan conditions, BTB shall have the option to renew it for a further term of one year.  If BTB elects to renew the Loan, the lender will have the right to exercise the warrants until May 31, 2013.

A minimum amount of $20M must be advanced on or before May 31, 2010, failing which the Loan will be cancelled or extended at FCC’s sole option.

Dundee Securities Corporation acted as financial advisor to BTB.

About BTB Real Estate Investment Trust 

BTB is a growth-oriented real estate investment trust listed on the TSX Venture Exchange. Its objective is to provide unitholders with stable cash distributions from investments in a quality portfolio of long-term leased office, industrial, commercial and retail properties predominantly located in the province of Quebec. BTB is led by an experienced management team with in-depth experience in the real estate industry and a Board of Trustees focused on governance and sound business practices.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188, ext. 228

As at the close of business on March 15, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

As at the close of business on February 12, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228

As at the close of business on January 14, 2010, 33,691,725 units of BTB were issued and outstanding.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

– 30 –

For more information, please contact:

BTB Real Estate Investment Trust

Mr. Michel Léonard

President and Chief Executive Officer

514-286-0188 ext. 228